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StanChart third-quarter profit doubles, beats market forecasts -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Standard Chartered logo displayed in Hong Kong’s main branch, China on Aug. 1, 2017. REUTERS/Bobby Yip

Lawrence White, Anshuman Daaga and Lawrence White

SINGAPORE, (Reuters) – Standard Chartered’s pre-tax profit for the third quarter was doubled from a previous year, surpassing market predictions, thanks to a rebound in pandemic-hit countries.

From $435 million last year, the bank’s statutory pretax profit jumped to $996million in July-September. This compares to the average $942million estimate by 16 analysts, as calculated by the bank.

London-based Bank reported credit impairment charges of $107 Million on Tuesday. This is compared to $353M a year ago.

Bill Winters was appointed CEO of the Bank in 2015 and has worked to create a portfolio digital assets. He also restored the bank’s balance sheet, which was slashed thousands of jobs during his earlier years.

StanChart’s London listed shares are still up 8% this past year, compared with a 18% increase at HSBC, 37% rise, and a 37% decline for rivals. Barclays (LON)

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